Oil prices climbed by more than $1 on 23 April due to stalled discussions between Iran and the US, and continued trade restrictions through the Strait of Hormuz.
By 06:30 GMT, Brent crude futures had increased by $1.26, or 1.2%, reaching $103.17 a barrel (bbl), their first rise above $100 in more than two weeks, reported Reuters.
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Similarly, US West Texas Intermediate (WTI) futures rose by $1.20, or 1.3%, to $94.16/bbl.
On Wednesday, both benchmarks saw an increase of more than $3, driven by greater-than-anticipated decreases in US gasoline and distillate stocks, and ongoing stagnation in Iran peace negotiations.
Despite US President Donald Trump extending a ceasefire, prompted by Pakistani mediators, both the US and Iran continue to limit shipping through the Strait of Hormuz.
The strait was a vital route for nearly 20% of the world’s daily oil supply prior to the conflict, which began in February.
Furthermore, Iran seized two vessels in the waterway, strengthening its control.
President Trump has maintained a naval blockade on Iranian trade, and Iranian Parliament Speaker Mohammad Baqer Qalibaf remarked that a complete ceasefire would only be logical if the blockade was lifted.
US military forces have intercepted at least three Iranian-flagged tankers in Asian waters, diverting them from locations near India, Malaysia and Sri Lanka, according to the news agency, citing shipping and security sources.
Trump’s extension of the ceasefire on Tuesday marked another retreat from threats to target Iran’s infrastructure.
No end date for the ceasefire has been set, as confirmed by White House Press Secretary Karoline Leavitt.
In energy trade, US exports of crude oil and petroleum products reached a record 12.88 million barrels per day (mbbl/d), increasing by 137,000 barrels per day, as Asian and European nations sought supplies amid disruptions linked to the Iran conflict.
The Energy Information Administration reported that US crude stocks rose by 1.9mbbl.
Meanwhile, gasoline stocks decreased by 4.6mbbl, exceeding analyst expectations of a 1.5mbbl decline.
Distillate stocks fell by 3.4mbbl, surpassing the anticipated drop of 2.5mbbl.
